Updated 6-15-07
ERISA Class Action
Settlements & Attorney Fees
Company/
Case Name1
Published
Decision(s)
In re ADC
ERISA Litigation
Settlement
Date
Class
Period
July 2006
(Prelim.)
2/24/00
to
10-14-05
Dec. 2006
(Prelim.)
May 2006
(Prelim.)
Plan
Participants
Estimated
Maximum
Exposure
Total
Settlement
Settlement
Components
Over 9,000
$3.25
million
Cash from
insurer
3/16/01
to
12/20/06
9,812
$4 million
Cash
Nonvested
participants
on or
before
11/10/98
5,003
$1.85
million
Cash from
insurer
(employer
bankrupt)
Sept. 2006
(Final)
In re Allegheny
Energy
Securities
Litigation
(Consolidated
ERISA Matter)
Allegheny
Health, Educ.
and Research
Foundation
(Grunewald v.
Kasperbauer)
1
263 F. Supp. 2d
949 (E.D. Pa.
2002);
334 F.3d 365
(3d Cir. 2003)
Plan
Changes
Ind. advisor
for employer
stock fund for
3 years;
Fiduciary
training for
committee
annually for 3
years
Attorney
Fees
(as % of
cash)
Case
Type
30%
$975,000
(.28 multiplier)
plus expenses
$490,071
plus $2,500
each for class
reps
Employer Stock
22.5%
requested
$900,000
(.28 multiplier)
plus expenses
$29,500
plus $2,500 for
class reps
16%
$300,000
(.1 multiplier)
plus expenses
($395,000)
Employer Stock
Additional settlements, corrections and comments should be sent to nell.hennessy@fiduciarycounselors.com.
Page 1 of 25
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Misrepresentation
Cash Balance
Updated 6-15-07
ERISA Class Action
Settlements & Attorney Fees
Company/
Case Name1
Published
Decision(s)
Amerada Hess,
Falk v.
American
Express Fin.,
Lambert v.
In re AOL Time
Warner, Inc.
ERISA Litigation
AOL Time
Warner, Inc.,
Spann v.
AT&T Corp.,
Furstenau v.
2005 WL
563166
(S.D.N.Y.
March 10,
2005)
Settlement
Date
Class
Period
July 2005
(Prelim.)
2/9/01
to
7/15/05
April 2006
(Prelim.)
1/27/99
to
7/3/03
Sept. 2006
(Final)
Plan
Participants
Estimated
Maximum
Exposure
Total
Settlement
Settlement
Components
Plan
Changes
$13 – 24
million
$2.25
million
Cash and plan
changes
Permit
participants to
diversify for at
least 5 years
More
than10,000
participants
38,584
participants
$15 million
$100 million
All cash
$500 million
2005 U.S. Dist.
LEXIS 10848
(S.D. N.Y.
June 7, 2005)
$2.9 million
July 2005
(Prelim.)
9/15/99
to
12/28/00
More than
50,000
$29 million
Sept. 2005
(Final)
All cash
Attorney
Fees
(as % of
cash)
Case
Type
25%
$562,500
(.64 multiplier)
plus expenses
($33,520.50)
plus $5,000 for
each class rep
33.3%
$5 million
Employer Stock
20% requested
$20 million
(2.19
multiplier)
plus expenses
($327,359)
plus
$20,000 each
for 3 class reps
33.3%
$.96 million
Employer Stock
29%
$8.41 million
(1.5 multiplier)
plus expenses
($1.25 million)
Employer Stock
Page 2 of 25
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Independent
Contractor
DB Plan
Compensation
Updated 6-15-07
ERISA Class Action
Settlements & Attorney Fees
Company/
Case Name1
Azon Corp.
(Beam v. HSBC
Bank)
Published
Decision(s)
2003 WL
22087589
(W.D.N.Y.
Aug. 19, 2003)
Settlement
Date
Class
Period
June 2005
(Prelim.)
9/21/99
to
?
Plan
Participants
Estimated
Maximum
Exposure
Total
Settlement
Settlement
Components
Plan
Changes
More than 500
participants
$9.35
million
None
(plan
terminated)
25%
$2.337 million
plus expenses
($135,317)
Employer Stock
(ESOP)
Company
match in cash;
Formula fixed;
Life style or
similar funds;
Participants
direct match
for 3 yrs;
Inv. education
Unlock match
for a period of
at least 5 yrs
$3.675 for fees
and expenses
Employer Stock
21%
$8.544 million
(3.8 multiplier)
plus expenses
($174,726)
plus $5,00 for
each class rep
Employer Stock
In re BellSouth
Corp. ERISA
Litigation
July 2006
(Prelim.)
11/7/00
to
7/28/06
Potentially
$90 million
in future
contribution
s plus
attorney fees
and
expenses
All cash
Trustee agreed
to provide
IRAs for any
missing
participants
Only plan
changes, no
additional
cash;
Company or
insurers to pay
attorney fees
and expenses
In re BristolMyers Squibb
Co. ERISA Litig.
Oct. 2005
(Final)
1/1/99
to
3/10/03
$41.22
million
Cash and plan
changes
Nov. 2005
(Final)
$15 million
$300 million
Attorney
Fees
(as % of
cash)
Page 3 of 25
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Case
Type
Updated 6-15-07
ERISA Class Action
Settlements & Attorney Fees
Company/
Case Name1
Published
Decision(s)
In re Broadwing,
Inc. ERISA
Litigation
Settlement
Date
Class
Period
Feb. 2006
(Prelim.)
11/9/99
to
2/28/03
Oct. 2006
(Final)
Campbell Soup
Co.,
Local 56 UFCW
v.
Capitol
American Life
Insurance Co.,
Hover v.
Carter Hawley
Hale Profit
Sharing Plan,
Presley v.
Ceridian Corp.,
Kiefer v.
Plan
Participants
Estimated
Maximum
Exposure
5,000 +
participants
$200 million $300 million
Total
Settlement
Settlement
Components
$11 million
All cash
$114.5
million
$6.826
Million
2000 WL
16437
(N.D.Cal. Jan
7, 2000)
Jan. 2000
9/1/89
to
2/11/91
23,000
participants
$36 million
$100 million
1990-95
12,000
participants
$51 million
$22.5 million
from company
plus
$13.5 million
from trustee
Plan
Changes
Attorney
Fees
(as % of
cash)
Case
Type
23%
$2.53 million
(1.6 multiplier)
plus expenses
($99,801)
plus $5,000 for
class rep
Employer Stock
2.8%
$3.239 million
(2.39
multiplier)
29%
$1.993 million
(1.54
multiplier)
25%
$9 million
plus expenses
($272,151)
plus $25,000
each for 2
class reps
22.5%
$11.475
million
(4.69
multiplier)
Retiree health
Page 4 of 25
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Employer Stock
(ESOP)
DB Plan
Lump Sums
Updated 6-15-07
ERISA Class Action
Settlements & Attorney Fees
Company/
Case Name1
Published
Decision(s)
In re CIGNA
Corp. ERISA
Litigation
Settlement
Date
Class
Period
July 2005
(Prelim.)
5/02/01
to
3/01/05
Sept. 2005
(Final)
In re CMS
Energy ERISA
Litigation
312 F. Supp. 2d
898, 917 (E.D.
Mich. 2004)
2006 WL
2109499
(E.D. Mich.
2006)
Color Tile
(Almand v.
Lesok)
Comerica,
Francis v.
March 2006
(Prelim.)
Plan
Participants
Estimated
Maximum
Exposure
34,295
participants
$720 million
8/03/00
to
12/27/04
June 2006
(Final)
10,000
to
11,000
participants
Amend plan to
diversify
match
(valued at $24$30 million)
$950,000
Employer Stock
Permit
diversification
for at least 4
years;
Fiduciary and
participant
education;
Identification
of fiduciaries
28.5%
$7.9 million
(1.52
multiplier)
plus expenses
($424,268)
plus $15,000
each for
3 class reps
17%
$700,000
Employer Stock
33 1/3%
requested
$673,333
(.926
multiplier)
plus expenses
$21,049
plus $15,000
for 2 class reps
Employer Stock
Plan
Changes
$954,000 in
cash
plus
plan changes
$950,000
attorney fees
plus
$4,000 to
Class Reps
plus
plan changes
Cash
(from insurer)
plus
plan changes
$28 million
plus plan
changes
$4.1 million
12,000
participants
Case
Type
Settlement
Components
$100 million
to
$200 million
7/17/02
to
12/30/02
Attorney
Fees
(as % of
cash)
Total
Settlement
$2.02
million
Page 5 of 25
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Employer real
property
Updated 6-15-07
ERISA Class Action
Settlements & Attorney Fees
Company/
Case Name1
Computer
Associates
Conseco
Services, LLC,
Russell v.
Published
Decision(s)
Plan
Participants
Estimated
Maximum
Exposure
Settlement
Date
Class
Period
Dec. 2003
(Final)
01/20/98
to
05/30/03
6,0000
participants
04/28/99
to
09/09/03
14,388
participants
Oct. 2005
(Final)
Total
Settlement
Settlement
Components
$4,980,756
Up to
$1,922,571
(If share price
below $23.43
at distribution,
up to 38.6%
payable in
cash)
All Cash:
(213,400
shares CA
stock at
$23.34)
$9.975
million
Plan
Changes
$32.5 million
Continental
Group,
McLendon v.
CVS Corp.,
Fescina v.
$415 million
July 2005
(Prelim.)
12/01/00
to
10/30/01
$3 million
Sept. 2005
(Final)
Cash
(75% for
401(k) plan
participants
and 25% for
ESOP
participants)
401(k)
governance
changes
(committee
charter)
Attorney
Fees
(as % of
cash)
Case
Type
20%
$1.34 million
Employer Stock
25%
$2.5 million
plus
expenses
($80,938)
plus
up to $20,000
for class rep
8%
$33.289
million
27.5%
$825,000
plus expenses
($17,743)
plus
$10,000 for
class rep
Employer Stock
Page 6 of 25
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ERISA §510
Employer Stock
Updated 6-15-07
ERISA Class Action
Settlements & Attorney Fees
Company/
Case Name1
Published
Decision(s)
Settlement
Date
In re Delta Air
Lines, Inc.
ERISA Litigation
May 2005
(Prelim.)
Sept. 2005
(Final)
Nov. 2005
(Bankry Ct.)
Oct. 2006
(Prelim.)
Dillards Inc.,
Clevenger v
In re Dynegy,
Inc. ERISA
Litigation
Retirement Plan
1st National
Bank, Edson v.
EMCOR Group,
Inc.
(Koch v. Dwyer)
Class
Period
309 F. Supp. 2d
861 (S.D. Tex.
2004)
Feb. 2007
(Final)
Dec. 2004
(Final)
Plan
Participants
Estimated
Maximum
Exposure
Total
Settlement
$16 million
plus
warrants
25,500
04/27/99
to
01/30/03
Plan
Changes
Attorney
Fees
(as % of
cash)
Case
Type
Up to 1/3 plus
expenses
DB Plan
Lump Sums
$35 million
All cash
29%
$10.15 million
(includes
expenses)
DB Plan
Lump Sums
$30.75
million
All cash
25%
$7.7 million
plus $10,000
for class rep.
35.5%
$2.028 million
Employer Stock
30%
$2.52 million
plus
expenses
($185.151)
plus
$10,000 for
the class rep
Employer Stock
$7.2 million
1999 U.S. Dist.
LEXIS 11101
(S.D.N.Y. July
22, 1999)
Settlement
Components
$6.4 million
49 Fed. R.
Serv. 3d 455
(Mar 23, 2001)
Page 7 of 25
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???
Updated 6-15-07
ERISA Class Action
Settlements & Attorney Fees
Company/
Case Name1
In re Enron
Corp. ERISA
Litigation
Published
Decision(s)
Settlement
Date
Class
Period
284 F. Supp. 2d
511 (S.D. Tex.
2003)
May 2005
Individual
Defendants
01/01/95
to
07/07/02
Plan
Participants
Estimated
Maximum
Exposure
Total
Settlement
Settlement
Components
$85 million
All cash
(from insurer)
July 2005
Enron
Bankry.
$133.95
million
Dec. 2005
Arthur
Anderson
April 2006
(Prelim.)
Northern
Trust Co.,
Directed
Trustee
$1.25
million
Cash –
$9.33 million
from debtor
plus
$124.62
million
from sale of
$365 million
bankruptcy
claim
Cash
Over 20,000
participants
$1.1 – 1.2
billion
35 EBC 1242
(May 24, 2005)
Plan
Changes
Attorney
Fees
(as % of
cash)
20% requested
$53.077
million
(2.297
multiplier)
plus expenses
228 F.R.D. 541
(S.D. Tex.
2005)
$37.5
million
All cash
(from insurer)
Page 8 of 25
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Case
Type
Employer Stock
Updated 6-15-07
ERISA Class Action
Settlements & Attorney Fees
Company/
Case Name1
Exxon
Mobil Corp.,
Hooven v.
Federal Home
Loan Mortgage
Corp. Securities
and Derivative
Litigation (No.II)
ERISA Litigation
First Union
Corp.,
Franklin v.
Ford Motor Co.,
UAW v.
Published
Decision(s)
2005 U.S. Dist.
LEXIS 2595
(E.D.Pa.
Feb. 14, 2005)
84 F. Supp. 2d
720 (E.D. Va.
2000)
Plan
Participants
Estimated
Maximum
Exposure
Settlement
Date
Class
Period
Total
Settlement
2004
1999
$6 million
Oct. 2006
(Prelim.)
7-15-99
to
11-20-03
$4.65
million
March 2001
(Prelim.)
Retirees as
of 12/22/05
$26 million
Settlement
Components
Plan
Changes
Feb. 2005
(Final)
July 2006
(Final)
170,000
retirees
Cash and
injunctive
relief
$108 million
contribution to
VEBA plus
stock
appreciation
rights on 8.75
million Ford
shares
Independent
consultant to
advise
fiduciary
committee
No retiree
costs if
pensions
below $8,000;
caps above
that level
Attorney
Fees
(as % of
cash)
Case
Type
33.3%
$2 million
(1.61
multiplier)
plus expenses
($89,092)
Up to 25%
Employer Stock
29.6%
($7.7 million)
Proprietary Mutual
Funds in DC Plans
Page 9 of 25
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Severance
Retiree Health
Updated 6-15-07
ERISA Class Action
Settlements & Attorney Fees
Company/
Case Name1
In re Global
Crossing Ltd.
ERISA Litigation
Published
Decision(s)
225 F.R.D. 436
(S.D.N.Y. Nov
24, 2004)
Settlement
Date
Class
Period
Nov. 2004
(Final)
09/28/99
to
12/8/03
Plan
Participants
Estimated
Maximum
Exposure
Total
Settlement
Settlement
Components
$79 million
All cash
$25 million
from CEO;
rest from
insurance
Mar 2004
(Prelim.)
In re Gulf
Pension
Litigation
Hanover
Compressor,
Pirelli
Armstrong Tire
Co. Retiree
Benefit Trust v.
$141.73
million
Dec. 2003
(prelim.)
5/4/99
to
12/23/02
$1.775
million
Feb. 2004
(Final)
Plan
Changes
Attorney
Fees
(as % of
cash)
13.9% 2
$10.99
million
(2.6 multiplier)
plus expenses
($395,125.75)
13.1%
$18.506
million
(3.14
multiplier)
21.95%
$389,612
Case
Type
Employer Stock
DB Plan Spinoff
Employer Stock
plus expense
$28,703
2
The attorney fee award represented 20% of the recovery from the insurers. The Department of Labor objected to any award of attorney fees on
amount recovered from the CEO on the grounds that the CEO made the offer of that amount in response to a Congressional hearing.
Page 10 of 25
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Updated 6-15-07
ERISA Class Action
Settlements & Attorney Fees
Company/
Case Name1
Published
Decision(s)
Harnischfeger
Industries
(Kling v. Fidelity
Management
Trust Co.)
212 F.R.D. 400
(E.D. Wisc.
2002)
In re
HealthSouth
Corp. ERISA
Litigation
2006 WL
2109484
(N.D. Ala.
June 28, 2006)
Settlement
Date
Class
Period
June 2006
(Final)
11/1/97
to
3/31/2000
March 2006
(Prelim.)
Aug. 2005
May 2006
(prelim.
approved)
Plan
Participants
Estimated
Maximum
Exposure
Total
Settlement
Settlement
Components
4,700
participants
$10.85
million
Cash
from insurers
(co. bankrupt);
Fidelity paid
$161,0000 to
administer
settlement
$28.75
million
All Cash
$18 million
from insurers
plus
$7 million
from company
plus
$3.75 million
from
individuals
$31 million
1/1/96
to
6/3/05
Over 40,000
participants
$44.66 to
$73.58
million
June 2006
(Final)
Honeywell,
Conjorio v.
2004 WL
3245931
(D.N.J. June
14, 2004)
Sept. 2005
Plan
Changes
$4 prescription
co-pay
Attorney
Fees
(as % of
cash)
Case
Type
30%
$3.255 million
(1.25
multiplier)
plus expenses
($173,707)
plus
$10,00 for
class rep
25%
$7.18 million
(2.1 multiplier)
Employer Stock
$66,000
Retiree Health
Page 11 of 25
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Employer Stock
Updated 6-15-07
ERISA Class Action
Settlements & Attorney Fees
Company/
Case Name1
In re Honeywell
ERISA Litigation
Published
Decision(s)
2004 WL
3245931(D.N.J.
June 14, 2004)
2004 U.S. Dist.
LEXIS 21585
(D.N.J. Sept
14, 2004)
Honeywell Int’l,
LaForest v.
In re Household
Int’l, Inc. ERISA
Litigation
Settlement
Date
Class
Period
April 2005
(Prelim.)
12/20/99
to
2/28/05
Plan
Participants
Estimated
Maximum
Exposure
115,000
participants
Settlement
Components
Plan
Changes
$14 million
Cash
(from insurer)
plus
plan changes
Amend plan to
permit
diversification
of match
25%
$3.5 million
(3.7 multiplier)
plus expenses
($43,887)
plus $2500 for
class reps
Employer Stock
Continuation
of retiree
benefits
$712,554
(based on time
with some
reductions)
plus expenses
($38,038)
30%
$13.95 million
(4.65
multiplier)
plus
expenses
($45,239)
plus $10,000
each for 2
class reps
Retiree Health
July 2005
(Final)
Dec. 2005
2004 WL
725973 (N.D.
Ill. 2004),
Lexis 5286
(March 31,
2004)
Oct. 2004
(Prelim.)
7/23/01
to
3/28/03
20,000
participants
Attorney
Fees
(as % of
cash)
Total
Settlement
$46.5
million
Nov. 2004
(Final)
All cash
Page 12 of 25
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Case
Type
Employer Stock
Updated 6-15-07
ERISA Class Action
Settlements & Attorney Fees
Company/
Case Name1
Published
Decision(s)
Settlement
Date
IBM Personal
Pension Plan,
Cooper v.
In re IKON
Office Solutions,
Inc.
ERISA Litigation
Class
Period
Aug. 2005
(Final)
86 F.Supp.2d
481 (E.D. Pa.
2002)
191 F.R.D. 457
(E.D. Pa. Mar
14, 2000)
Aug. 2002
(Final)
9/30/95
to
8/13/98
Plan
Participants
Estimated
Maximum
Exposure
Total
Settlement
Settlement
Components
Plan
Changes
More than
270,000
Potentially
$1.7 billion
Additional
benefits only
Additional
pension
benefits
($314.3
million
guaranteed
plus additional
amounts if
appeals
successful)
51,000
participants
$6.375
million for
attorney fees
and
expenses
$15.677
million
209 F.R.D. 94
(E.D. Pa. 2002)
Right to direct
investment of
match;
Independent
communicatio
ns and
investment
advisors for 2
years
Attorney
Fees
(as % of
cash)
29% of first
$250 million;
25% of $250750 million;
21% of $750
million -1.25
billion
17% above
$1.25 billion
(expenses and
class rep paid
from fees)
$6.375 million
for fees and
expenses
Page 13 of 25
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Case
Type
Cash Balance
Conversion
Employer Stock
Updated 6-15-07
ERISA Class Action
Settlements & Attorney Fees
Company/
Case Name1
Published
Decision(s)
ILGWU Death
Benefit Fund
(Banyai v.
Mazur)
Settlement
Date
Class
Period
Sept. 2003
amended
January 2004
(Agreement)
12/27/00
to
?
Plan
Participants
Estimated
Maximum
Exposure
97,433
participants
$77.5 million
transferred to
union and nonprofit
Sept. 2005
(Preliminary)
Total
Settlement
Settlement
Components
$2 million
from insurer
plus plan
benefit
increases
Plan
Changes
Attorney
Fees
(as % of
cash)
33% increase
in death
benefit plus
future benefits
based on
future surplus
Case
Type
Transfer of assets
from welfare fund
March 2007
(Final)
J.C. Penny,
Forbush v.
Kmart
(Rankin v. Rotts)
278 F. Supp. 2d
853 (E.D.
Mich. 2003)
Nov. 2005
(Agreement)
3/15/99
to
3/06/03
Feb. 2006
(Prelim.)
Krispy Kreme
Doughnut Corp.,
Smith v.
June 2006
(Final)
Sept. 2006
(Prelim.)
75,000
participants
$15.677
million
Over 100,000
participants
$300 million
1/1/03
to
5/12/06
$11.7-12.2
million
$80.908
million
Additional
pension
benefits
9.9%
$8 million
DB Plan Social
Security offset
$11.75
million
plus
$200,000 for
settlement
expenses
All Cash
Employer Stock
$8.57
million
$4.75 million
cash from
insurers
plus $3.8
million plan
changes
10%
$1.175 million
plus
expenses
($141,288)
plus
$10,000 for
class rep
Up to 26%
$1.235 million
(1.6 multiplier)
plus expenses
($87,433) plus
$15,000 each
for 2 class reps
KSOP to be
merged with
401(k)
Page 14 of 25
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Employer Stock
Updated 6-15-07
ERISA Class Action
Settlements & Attorney Fees
Company/
Case Name1
Published
Decision(s)
In re LouisianaPacific Corp.
ERISA Litigation
In re Lucent
Technologies,
Inc. ERISA
Litigation
McDonnell
Douglas,
Millsap v.
In re McKesson
HBOC, Inc.
327 F.Supp.2d
426 (D.N.J.
2004)
Settlement
Date
Class
Period
Feb. 2004
(Prelim.)
1/1/99
to
2/13/04
May 2004
(Final)
Sept. 2003
(Prelim.)
12/31/99
to
03/27/03
Plan
Participants
Estimated
Maximum
Exposure
136,000
participants
Total
Settlement
Settlement
Components
Plan
Changes
$886,000
Injunctive
relief plus
$385,000
for fees and
expenses
Cash:
$750,000
(remaining to
be cash or
stock or
combo)
Adopt
investment
policy; provide
educational
materials
Amend plan to
permit
diversification
of match and
increase
maximum
contribution;
Educational
materials on
diversification
$69 million
plus plan
changes
“billions of
dollars”
Dec. 2003
(Final)
$36 million
391 F. Supp. 2d
812 (N.D. Cal.
2005)
2005
(Prelim.)
3/31/96
to
$18.2
million
Attorney
Fees
(as % of
cash)
Case
Type
$385,000
(for fees and
expenses)
Employer Stock
15%
$10.35 million
(2.46
multiplier)
Employer Stock
plus expenses
($550,512)
plus
$12,5000 for 3
class reps
24.3%
$8.75 million
25%
$4.55 million
4/1/99
29 EB Cas.
1229, 2002 WL
31431588
(N.D. Cal.
Sept. 30, 2002)
Page 15 of 25
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ERISA §510
Employer Stock
Updated 6-15-07
ERISA Class Action
Settlements & Attorney Fees
Company/
Case Name1
Published
Decision(s)
Settlement
Date
In re Medco
Health Solutions,
Inc. Pharmacy
Benefits
Litigation
May 2004
Melkonian
Enterprises Inc.,
Aguilar v.
Nov. 2006
(Prelim.)
Microsoft Corp.,
Vizcaino v.
MidCon Corp.
ESOP,
Croucher v.
In re Mirant
Corporation
ERISA Litigation
173 F.3d 713
(9th Cir. 1999)
Class
Period
Plan
Participants
Estimated
Maximum
Exposure
815,000 plans
1/9/99
to
11/3/06
12/29/86
to
6/30/2000
Total
Settlement
Settlement
Components
Plan
Changes
$42.5
million
Cash plus
changes in
business
practices
Changes in
business
practices
$295,000
8,558
participants
$96.885
million
$28.5
million
Over $3,500
participants
$9.7 million
$30-10 million
Cash from
insurance
(employer
bankrupt)
Attorney
Fees
(as % of
cash)
Case
Type
30%
$12.75 million
(1.79
multiplier)
plus expenses
(893,294)
25.4%
$75,000
plus $10,000
for class rep
27.4%
$26.517
million
(3.81
multiplier)
10.1%
$2.878 million
Rebates to service
provider
27.5%
$2.6675
million
(2.27
multiplier)
plus expense
($52,892)
plus
$2,000 each
for 2 class reps
Employer Stock
Page 16 of 25
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Imprudent
investments
Employee/
Indep. contractor
Employer Stock
(ESOP)
Updated 6-15-07
ERISA Class Action
Settlements & Attorney Fees
Company/
Case Name1
Morrison
Knudsen Corp.
(Blyler v. Agee)
Published
Decision(s)
2001 U.S. Dist.
LEXIS 22326
(Sept 25, 2001)
2001 U.S. Dist.
LEXIS 22328
(Dec. 14, 2001)
NUI Corp.,
Pietrangelo v.
Settlement
Date
Class
Period
Aug. 2004
(Final)
7/19/94
to
4/04
Plan
Participants
Estimated
Maximum
Exposure
Total
Settlement
Settlement
Components
Plan
Changes
$21 million
30%
$6.3 million
plus
expenses
($898,495)
no payment for
class reps
25% for fees
and expenses
$212,500
(multiplier less
than 1)
plus $5,000 for
class rep.
April 2004
(Prelim.)
Oct. 2005
(Agreement)
11/8/01
to
9/26/03
1,322
participants
$850,000
All cash
from insurers
Jan. 2007
(Prelim.)
Pechiney Plastic
Packaging Inc.,
Santos v.
May 2007
(Final)
July 2006
(Final)
6,100
participants
Benefits
reinstated
Attorney
Fees
(as % of
cash)
Lower
deductibles
and out-ofpocket annual
caps;
Cap on retiree
charges for
prescription;
Lifetime caps
Page 17 of 25
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Case
Type
Employer Stock
Employer Stock
Retiree Health
Updated 6-15-07
ERISA Class Action
Settlements & Attorney Fees
Company/
Case Name1
Published
Decision(s)
Settlement
Date
Class
Period
Plan
Participants
Estimated
Maximum
Exposure
Total
Settlement
Settlement
Components
In re Polaroid
ERISA Litigation
362 F.Supp. 2d
461 (S.D.N.Y.
Mar 31, 2005)
June 2006
10/1/99
to
1/15/03
8,200
participants
$15 million
In re Providian
Financial Corp.
ERISA Litigation
2002 U.S. Dist.
LEXIS 25676
(Nov 14, 2002)
June 2003
(Final)
9/30/00
to
1/01/02
$8.6 million
All cash
2006
3-7-99
to
1-12-04
14,410
participants
$43.6 to $79.5
million for
holder claims
plus
$7.3 to $9.58
million for
purchaser
claims
Over 60,000
$37.5
million
$33 from
Qwest (plus
additional
payment if
plan recovers
less than $20
million in
securities
settlement)
$4.75 from
trustee
2003 WL
22005019
(N.D. Cal. Jun
30, 2003)
In re Qwest
ERISA Litigation
2004 U.S. Dist.
LEXIS 24647
(D. Colo. Sept.
27, 2004)
Plan
Changes
Attorney
Fees
(as % of
cash)
Case
Type
30% requested
$450,000
(multiplier .58)
plus expenses
($833, 742)
plus $10,000
each for 3
class reps
25%
$2.15 million
(for fees and
expenses of
$98,000)
Employer Stock
26%
(multiplier 1.4)
$9.75
Employer Stock
Page 18 of 25
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Employer Stock
Updated 6-15-07
ERISA Class Action
Settlements & Attorney Fees
Company/
Case Name1
Published
Decision(s)
In re: Raytheon
ERISA Litigation
Republic
Airlines,
Harris v.
Rite Aid,
Kolar v.
In re Royal
Ahold N.V.
Securities
ERISA Litigation
Settlement
Date
Class
Period
Feb. 2007
(Final)
10/7/98
to
4/30/06
Plan
Participants
Estimated
Maximum
Exposure
Total
Settlement
Settlement
Components
Plan
Changes
$5.5 million
plus attorney
fees and
expenses
Cash plus
plan changes
Right to
diversify
$3.125
million
30 E.B.C. 1993
(E.D. Pa.
March 11,
2003)
March 2003
(Final)
5/02/97
to
11/10/99
Nov. 2006
(Prelim.)
3/6/01
to
2/2/03
16,000
participants
$67.76
million
Cash:
$10.76 million
plus
$56.84 million
in future match
$2.5 million
All cash from
insurer
July 2006
(Agreement)
Safe harbor
match
guaranteed for
2003-06
Attorney
Fees
(as % of
cash)
Case
Type
$1.4 million
plus
expenses of
$60,916
plus $5,000
each for class
reps
32%
$1 million
Employer Stock
7.725%
$5.234 million
plus expenses
($172,525)
plus $3,750 for
class rep.
Up to 30%
$750,000
(less than 1)
plus expenses
($224,110)
plus $10,000
for class rep
Employer Stock
Page 19 of 25
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??
Employer Stock
Updated 6-15-07
ERISA Class Action
Settlements & Attorney Fees
Company/
Case Name1
In re Royal
Dutch/Shell
Transport ERISA
Litigation
Ruiz Food
Products, Inc.,
Colesberry v.
SBC
Communications,
Gottlieb v.
In re Sears,
Roebuck & Co.
ERISA Litigation
Simmons
Mattress Co.
(Florin v.
NationsBank of
Georgia)
Southtrust Bank
of Alabama,
Bowen v.
Published
Decision(s)
Settlement
Date
Class
Period
July 2005
(Prelim.)
12/3/99
to
4/29/04
Plan
Participants
Estimated
Maximum
Exposure
Settlement
Components
Plan
Changes
$91 million
All cash
$90 million
plus
$1 million for
expenses
(only $25
million from
insurance)
ERISA
Committee
Governance
Changes
Attorney
Fees
(as % of
cash)
Case
Type
25%
$22.5 million
(3.3 multiplier)
plus
$1 million for
expenses
Employer Stock
$525,000
fees and costs
plus
$4,000 each
for 3 class reps
25%
$2.5 million
Employer Stock
$14.5
million
Up to 30%
Employer Stock
Before 1994
$15.448
million
18.45%
$2.85 million
(1.53
multiplier)
Employer Stock
(ESOP)
1991
$1.035
million
23%
$238,000
(1.67
multiplier)
Health insurance
Aug. 2005
(Final)
July 3, 2006
(Final)
42,500
participants
Total
Settlement
$115-320
million
(stock suffered
7.7% drop in
stock)
9/10/01
4/5/02
$10 million
March 2007
(Prelim.)
1/17/02
to
10/10/06
Page 20 of 25
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Employer Stock
Updated 6-15-07
ERISA Class Action
Settlements & Attorney Fees
Company/
Case Name1
Published
Decision(s)
Settlement
Date
Class
Period
Spang & Co.,
Brytus v.
In re Sprint
Corporation
ERISA Litigation
The St. Paul
Travelers
Companies, Inc.,
Spiziri v.
Plan
Participants
Estimated
Maximum
Exposure
Total
Settlement
Settlement
Components
Plan
Changes
$12.5
million
33 EB Cas.
2196, 2004 WL
2182186
(D. Kan. Sept.
24, 2004)
Aug. 2006
(Final)
9/15/99
to
12/28/00
More than
$25 million
($4 million
cash plus
value of
plan
changes)
2007
4/2/04
to
9/1/005
$4.45
million
Cash plus plan
changes
Increase match
Accelerated
vesting
Diversification
Participant
education,
including two
meetings with
a financial
planner
Attorney
Fees
(as % of
cash)
3.68%
$460,000
(for fees and
expenses)
Less than 16%
$3.6 million
(1.8 multiplier)
plus $258,098
expenses plus
$5,000 each
for 4 class reps
(paid from
$3.9 million
expense fund
in addition to
settlement
fund)
Up to 1/3 plus
expenses
Page 21 of 25
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Case
Type
DB Plan Surplus
Employer Stock
Employer Stock
Updated 6-15-07
ERISA Class Action
Settlements & Attorney Fees
Company/
Case Name1
Statewide
Bancorp
(Moensch v.
Robertson)
Published
Decision(s)
Settlement
Date
62 F.3d 553 (3d
Cir. 1995)
rev’g 1994 U.S.
Dist. LEXIS
21270 (Sept.
21, 1994)
Class
Period
Plan
Participants
Estimated
Maximum
Exposure
Nov. 1996
(Final)
Total
Settlement
Settlement
Components
Plan
Changes
Attorney
Fees
(as % of
cash)
$700,000
Case
Type
Employer Stock
1996 U.S. Dist.
LEXIS 21898
(Nov 1, 1996)
Teamster Local
705
(Cook v.
McCarron)
TRW, Inc.,
Rybarczyk v.
TWA,
Long v.
UAL ESOP,
Summers v.
$14.768
million
10/23/86
to
7/1/96
2005 WL
2648670
(N.D. Ill.
Oct 12, 2005)
Aug. 2005
(Prelim.)
7/19/01
to
7/30/03
$42 – $52.6
million
65,000
participants
$2 billion
13.7%
$2.028 million
(1.54
multiplier)
33.3%
$16.167
million
32%
$1.304 million
$48.5
million
$4.075
million
$5.25
million plus
cost of
administerin
g settlement
All cash
from insurer
(company
bankrupt)
Aff’d 7th Cir.
June 2006
Page 22 of 25
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Fiduciary Breach
& RICO
DB Plan Lump
Sums
??
Employer Stock
(ESOP)
Updated 6-15-07
ERISA Class Action
Settlements & Attorney Fees
Company/
Case Name1
Published
Decision(s)
Settlement
Date
In re Unisys
Retiree Medical
ERISA Benefits
Litigation
2002-03
US Correction
Corp ESOP
In re Valin ESOP
Jan. 2005
(Final)
In re Westar
Energy, Inc.
ERISA Litigation
Class
Period
Plan
Participants
Estimated
Maximum
Exposure
10,000
participants
May 2006
(Prelim.)
7/1/98
to
1/1/03
3,800
Settlement
Components
$111 million
$21.7
million
$2.45
million plus
interest at
6%
6/12/01
2005 WL
2403832
(D. Kan.
Sept 29, 2005)
Total
Settlement
$9.25
million
July 2006
(Final)
Plan
Changes
Attorney
Fees
(as % of
cash)
6.25%
($6.938
million)
(2.19
multiplier)
53,327
additional
shares of Valin
stock plus
interest at 6%
All cash
6%
$202,622
(3.0 multiplier)
plus $4,000
for class rep
30%
$2.775 million
(1.88
multiplier)
fees and
expenses
($76,716)
plus $1,000 for
each class rep.
Page 23 of 25
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Case
Type
Retiree Health
Employer Stock
(ESOP)
Employer Stock
(ESOP)
Employer Stock
Updated 6-15-07
ERISA Class Action
Settlements & Attorney Fees
Company/
Case Name1
In re Williams
Cos. ERISA
Litigation
Published
Decision(s)
271 F. Supp. 2d
1328 (N.D.
Okla. 2003)
Settlement
Date
Class
Period
Sept. 2005
(Prelim.)
7/24/00
to
12/12/02
Nov. 2005
(Final)
In re WorldCom,
Inc. ERISA
Litigation
2002 WL
31640557
(N.D. Cal. July
26, 2002)
Oct. 2004
final)
Plan
Participants
Estimated
Maximum
Exposure
Over 20,000
participants
$1.2 billion
9/14/98
to
7/21/02
Total
Settlement
Settlement
Components
Plan
Changes
$55 million
plus
future
contribution
s
(valued at
$57.3
million)
Cash
($50 million
from insurers
and $5 million
from co.)
plus
future
contributions
Matching
contributions
at least 4%
until 2011
(not restricted
to company
stock)
$47.15
million
All cash
263 F. Supp. 2d
745 (S.D.N.Y
2003)
None
Attorney
Fees
(as % of
cash)
20% for lead
counsel
($11 million)
plus 2%
reserve for
other counsel,
$150,000
reserve for
fees and
expenses
implementing
settlement
plus
expenses
($870,807)
20% plus
interest
$9.586 million
(1.3 multiplier)
plus
expenses
($1.2 million)
339 F. Supp. 2d
561 (S.D.N.Y
2004)
Page 24 of 25
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Case
Type
Employer Stock
Employer Stock
Updated 6-15-07
ERISA Class Action
Settlements & Attorney Fees
Company/
Case Name1
In re Xcel
Energy, Inc.
ERISA Litigation
Published
Decision(s)
Settlement
Date
Class
Period
Plan
Participants
Estimated
Maximum
Exposure
Total
Settlement
Settlement
Components
Nov. 2005
Scott Sullivan
(Final)
$485,000
(estimate)
354 F. Supp.2d
423 (S.D.N.Y
2005)
Nov. 2005
Merrill Lynch
(Final)
Up to
$200,000
312 F. Supp. 2d
1165 (D. Minn.
2004)
April 2005
10% of 401(k)
account and
10% of
proceeds from
sale of Florida
home
Trustee will
forego fees
related to
administration
of settlement,
up to $200,000
All Cash
+
Plan Design
Changes
9/23/99
to
3/31/03
13,000
participants
$8 million
364 F.Supp. 2d
980 (D. Minn.
2005)
Xerox Corp. Ret.
Income Guar.
Plan,
Berger v.
$240 million
Plan
Changes
Attorney
Fees
(as % of
cash)
25%
$2 million
(4.7 multiplier)
plus
expenses
$66,780
plus $2,000
each for 3
class reps
29%
$69 million
Page 25 of 25
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Case
Type
Employer Stock
Cash Balance